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AP posts profit in 2013 even as revenue falls

The Associated Press Associated Press

Posted:
04/30/2014 11:03:15 AM MDT

NEW YORK (AP) — The Associated Press posted a profit of $3.3 million in 2013, as it cut costs across the organization. The results compared with a loss of $25.5 million a year ago, according to the news cooperative's annual financial report, released Wednesday.

Revenue fell 4 percent to $596 million as income from newspaper clients continued to fall and Google stopped licensing news content.

The revenue decline was offset by a sharper drop in operating expenses, which fell nearly 7 percent, to $604 million.

The AP eliminated its long-term debt and said it expects a small amount of revenue growth this year, which would mark the first gain since 2008.